Monday, August 8, 2011


1159 is trying, but we are continuing to push it lower here, and getting some bleed through

A great question was asked: How much is an actual overshoot, and how much is a failure? In this environment, I would say 5-7 points (basis the S&P Futures not on individual stocks!) is still in overshoot territory, but that's strictly one man's opinion, and in no way a law. This will change as volatility winds itself down, which unless the cycle changes, it will eventually do. 10 days ago, 1.75 points was a max overshoot I would use

See if we get a remount on 1159 and a try at some upside

Breadth is still atrocious, so bounces are swimming upstream for now

As I finish typing this, we are starting to get deeper below 1159


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